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Wall Street Likely To Open On Positive Note

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Higher futures point to a positive opening for U.S. stocks on Wednesday. With no big economic data due for the day, activity may well remain stock specific.

The Nasdaq futures rose sharply after early weakness, suggesting a rebound of sorts in the technology space that saw heavy selling in recent sessions. After climbing nearly 2 percent, Nasdaq futures are currently up by about 1.5 percent.

The Dow futures are gaining more than 0.5 percent and the S&P 500 futures are up nearly 0.75 percent.

AstraZeneca announced on Tuesday that it is pausing its phase III study of its COVID-19 vaccine candidate, AZD1222, following an adverse reaction in a trial participant.

American Eagle has reported second-quarter revenue of $883.5 million compared with $1.04 billion a year ago. The company said digital demand in the second quarter was up 48% compared to the corresponding quarter last year.

Crude oil futures are bouncing back after suffering a severe setback on Tuesday. West Texas Intermediate Crude oil futures for October, which shed 7.6% in the previous session, were up $0.78 or 2.1 percent at $37.54 a little while ago.

The Dow tumbled 632.42 points or 2.3 percent to 27,500.89 on Tuesday. The Nasdaq plunged 465.44 points or 4.1 percent to 10,847.69 and the S&P 500 slumped 95.12 points or 2.8 percent to 3,331.84.

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